Stanford University will lay off at least 363 employees this fall as part of $140 million in budget cuts due to rising costs and changes in federal funding, including a sharp increase in the endowment tax.

Stanford University plans to axe hundreds of staff due to funding cuts for higher education under Trump, the latest mass layoff at an elite US college.

Stanford University has announced staffing reductions affecting 361 people, blaming the Trump administration for funding cuts. The university pointed to policies from the administration in its decision to reduce its general budget by $140 million to support operations.